IMARC Group’s latest report, titled “Hand Tools Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global hand tools market size reached US$ 24.6 Billion in 2022. Hand tools are a set of essential, manually operated power tools and devices that are not powered by electricity, motors, or other energy sources. They are manufactured from heat and forging treatment methods. They are divided into holding, sharpening, laying, striking, metal cutting, and grinding tool categories. Some commonly used hand tools include scissors, screwdrivers, pliers, hammers, wrenches, cable cutters, knives, saws, clamps, and drills. These tools use mechanical strength to perform various manual tasks, such as forging, filing, chopping, and sawing, to help mold the object into the desired shape. Since they are cost-effective, compact, and lightweight, hand tools find extensive applications in numerous industries across the globe.
Global Hand Tools Market Trends:
Rising construction activities and the escalating demand for repair and maintenance operations across establishments represent the primary factors driving the market growth. Moreover, governments of various countries are taking favorable initiatives to promote infrastructure development, including roads, airports, and energy utilities. In line with this, the increasing demand for lightweight and portable tools in the automotive sector for repairing automobiles is positively influencing the market growth. Additionally, the rising trend of do-it-yourself (DIY) practices, especially during the outbreak of the coronavirus disease (COVID-19) pandemic and the consequent implementation of mandatory lockdowns, has augmented the demand for hand tools to construct, repair, and maintain various objects. Besides this, numerous technological advancements and the introduction of modern and effective hand tool kits with rust-resistant coatings are other major growth-inducing factors. Furthermore, the rising collaborations among the key players for manufacturing multi-functional hand tools that allow a single tool to perform various operations are contributing to the market growth. Apart from this, easy product availability through offline and online retail channels is propelling market growth. Other factors, including the developing heavy engineering industry, rapid urbanization, and emerging aerospace industry, are also anticipated to provide a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 32.1 Billion by 2028, expanding at a CAGR of 4.2% during 2023-2028.
- On the basis of the type, the market has been divided into wrench, plier, screw drivers, hammers, cable cutter, and others.
- Based on the distribution channel, the market has been segmented into offline and online.
- The market has been classified based on the end user into DIY, commercial, and industrial.
- Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Channellock Inc, Emerson Electric Co, Ideal Industries Inc., Ingersoll Rand, Klein Tools Inc, Martin Sprocket & Gear Inc, Snap-on Incorporated, Stanley Black & Decker Inc, Tapariatools, Techtronic Industries Co. Ltd, and TOYA S.A.
|Base Year of the Analysis
||Type, Distribution Channel, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Channellock Inc, Emerson Electric Co, Ideal Industries Inc., Ingersoll Rand, Klein Tools Inc, Martin Sprocket & Gear Inc, Snap-on Incorporated, Stanley Black & Decker Inc, Tapariatools, Techtronic Industries Co. Ltd and TOYA S.A.
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